Exhibit 12.1
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)
Six | ||||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, | Years ended December 31, | |||||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 24,446 | $ | (26,847 | ) | $ | 16,071 | $ | 5,742 | $ | (1,428 | ) | $ | 2,947 | ||||||||||
Plus: fixed charges | 6,802 | 3,441 | 2,084 | 2,026 | 1,969 | 2,254 | ||||||||||||||||||
Preference securities dividends | (4,605 | ) | (1,162 | ) | (974 | ) | (975 | ) | (984 | ) | (963 | ) | ||||||||||||
Earnings available for fixed charges | $ | 26,643 | $ | (24,568 | ) | $ | 17,181 | $ | 6,793 | $ | (443 | ) | $ | 4,238 | ||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 2,197 | $ | 2,279 | $ | 1,110 | $ | 1,051 | $ | 985 | $ | 1,291 | ||||||||||||
Preference securities dividends | 4,605 | 1,162 | 974 | 975 | 984 | 963 | ||||||||||||||||||
Total fixed charges | $ | 6,802 | $ | 3,441 | $ | 2,084 | $ | 2,026 | $ | 1,969 | $ | 2,254 | ||||||||||||
Ratio of Earnings to Fixed Charges and Preference Securities Dividends | 3.92 | (a | ) | 8.24 | 3.35 | (b | ) | 1.88 | ||||||||||||||||
(a) | Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $28,009 thousand. | |
(b) | Earnings for the year ended December 31, 2002 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $2,412 thousand. |